Property Overview
850 Barry Avenue is a compact, 828 sqft bungalow built in 1956, situated on a notably generous lot of just under 5,000 sqft in Winnipeg's Mission Gardens neighbourhood. Its key appeal lies in its land value and positioning as an entry-point property. The home itself is smaller and older than most on its street and in the immediate area, reflected in its below-average assessed value. However, the lot size is among the largest on Barry Avenue, presenting a clear value proposition centred on the land itself. This property would suit a first-time buyer, an investor looking for a hold-and-renovate or redevelopment opportunity, or a downsizer seeking a manageable footprint with ample outdoor space. Its value is fundamentally in its potential, whether for expansion, renovation, or future redevelopment, rather than in its current condition or size.
Frequently Asked Questions
1. Why is the assessed value so much lower than the city-wide average?
The assessed value is based on the property's current state. The home's smaller living area, older age, and likely original condition place it well below average for modern standards, which is accurately reflected in its lower assessment compared to both the neighbourhood and the city.
2. What does the lot size ranking mean for potential?
Ranking 2nd out of 19 for land area on its street is significant. It means that while the house is modest, you own more land than almost all your immediate neighbours. This is a key asset, offering more privacy, yard space, and future potential than is typical for the street.
3. Is this a fixer-upper?
Given its age (70 years) and below-average metrics for living area and value, it is very likely a candidate for updates or a significant renovation. Buyers should budget for modernizing essential systems and interiors to align with contemporary standards.
4. How does the 2020 sale price relate to today's value?
The prior sale in the CA$200k–250k range provides a historical benchmark, but market conditions have shifted since 2020. The current assessed value is a separate metric for taxation. A current market valuation would consider the assessed value, the historic sale, the unique lot size, and present market dynamics.
5. What should I consider about the neighbourhood context?
The data shows the home is among the oldest and smallest in Mission Gardens. This suggests it may be one of the more original properties in an area where many homes have been updated or expanded. This can represent an opportunity but also means immediate neighbours' homes may be larger and more modern, which is a factor for both enjoyment and future valuation.